MODEL FORMAT OF ESSENTIAL ELEMENTS TO BE GIVEN IN LEGAL OPINION REGARDING IMMOVABLE PROPERTY

MODEL FORMAT OF ESSENTIAL ELEMENTS TO BE GIVEN IN LEGAL OPINION REGARDING IMMOVABLE PROPERTY

LEGAL  OPINION

 

Sl. No.	Particulars	Remarks
1.	Nature of Title (Ownership / Leasehold / Occupancy / Govt. Grant / Allotments etc.)
2.	If Leasehold, Whether a)  Lease deed is duly stamped and registered b)  Lessee is permitted to mortgage the Leasehold right c)  Duration of the Lease / unexpired period of lease d)  it  is a  sub-lease, then check  the  lease  deed  in         favour  of  Lessee as to whether Lease deed permits      sub - leasing and mortgage by  sub-lessee also.
3.	If Govt. grant / allotment / lease-cum-Sale agreement, whether:   a)  Grant / agreement etc., provides for alienable rights to       the mortgagor with or without conditions.   b)  The mortgagor is competent to create charge on such       property.
4.	If Occupancy right, whether   a)  Such right is heritable and transferable   b)  Mortgage can be created
5.	a)  Whether provisions of Urban Land Ceiling Act       applicable / permission obtained.   b)  Whether NOC under Income Tax Act is required /       obtained.   c)  Whether records with the Registrar of Companies       verified (If applicable)
6.	Whether there are claims from Minor /s and his / their interest in the property / ies.  Specify the share of minor / s with name.

 

 

 

 

 

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7.	In case of Agricultural land, the position regarding creation and enforceability with regard to local laws.
8.	In case of conversion of Agricultural land for commercial purposes, whether requisite procedure / permissions complied with / obtained.
9.	a)  In case of partition / settlement deeds, whether       original deed is available for deposit.  If not the      modality / procedure to be followed to create a      valid mortgage.   b)  Whether mutation has been effected  and the        mortgagor is in possession and enjoyment of his        share.   c)  Whether the partition is valid in law
10.	a)  In case of partnership firm, whether the property      belongs to the firm and registered.      b)  Whether the person / s creating the mortgage has /       have the authority to execute on behalf of the firm.
11.	In case of Limited Companies, verify the Borrowing Power Resolution, authority to create mortgage / execution of documents, details of Directors / Promoters, any prior charges with Registrar of Companies, (ROC), Memorandum of Association (MOA) / Articles of Association (AOA), provision for common seal etc.
12.	In case of Societies / Associations, verify requisite resolutions, bye laws, powers to borrow, encumbrances etc.
13.	In case of Power of Attorney holder, verify the genuineness of Power of Attorney and the extent of powers.  Whether the Power of Attorney is properly executed / stamped / authenticated / enforceable as per the Law of the place.

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14.	If the property is a  commercial complex, verify   a)  Promoter’s / Land owner’s title to the land / building.      b)  Whether the flats are developed by the Land owner or       constructed on joint Development basis.                c)  Development agreement / Power of Attorney   d)  Extent of Authority of the Developer /  Builder e)  Whether the construction is approved by the compe-       tent authority? f)  Independent title verification of the land or building in      question.   g)  Agreement of sale (duly registered)   h)  Whether it is a second / subsequent sale?   i)  Payment of proper stamp duty.   j)  Conveyance in favour of the Society concerned.   k)  Occupancy certificate / allotment letter / letter of       possession.
	l)  Membership details in the Society etc.   m)  Share certificates   n)  No objection Certificate from the Society   o)  Latest maintenance charges paid receipt from Society      p)  Whether proportionate share in land is transferred to      the mortgagor
	q)  Documents evidencing possession such as Telephone       bill, Electricity Bill, Tax paid receipt etc.   r)  Other legal requirements under the local / municipal      laws with regard to ownership of flats / apartments /      building regulations, Society laws etc.
15	In case of joint family property and mortgage created for family benefit / legal necessity, verify whether major co-parceners have no objection, joined in execution, rights of female members, minor’s shares etc.

 

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16.	Genelogical tree is to be drawn up wherever the title has been acquired by succession.
17.	The Property details should be verified with Revenue Records of the Govt. and it should be ensured that the same is not allotted to depressed class by Govt.or Govt.(poramboke) land.
18.	Pending litigations / court attachments / injunction / stay orders / acquisition by the Govt / Local authorities etc., if any, on the documents perused.
19.	Any other matters affecting the proposed creation of mortgage not covered elsewhere.

                                                                     

 

      

 

SIGNATURE OF THE ADVOCATE.

PLACE  :

DATE    :